SFC: Optimize Shanghai And Hong Kong Through Research And Launch Shenzhen Hong Kong Tong

A spokesman for the securities and Futures Commission, Deng Ge, said at a press conference 20, that the recent stock market rise is a recognition of the market's "bottom up" and "controllable financial risks" for economic growth. It is also a comprehensive reflection of many factors, such as comprehensive deepening reform, ample market liquidity, downward interest rate on capital, and improvement of profitability of Listed Companies in small and medium enterprises, and has its inevitability and rationality. The smooth and healthy development of the stock market in the future is of great significance for enhancing confidence in economic development, expanding the scale of direct financing and accelerating the transformation and upgrading of the economy. Of course, under the current downward pressure of the economy is still large, some listed companies have higher valuations and more leveraged funds, investors still need to pay attention to market risks, and there should be no so-called "better buy wrong or miss" idea, not to be misled by selling stocks in the market, borrowing money and stocks, and blindly following the trend.

　　 Natural person investors account for about 90% of the total transaction value.

Deng Ge said that since the beginning of the year, China's stock market has continued to rise in the second half of last year, showing a trend of steady growth.

Look at the market. From the beginning of March 19th to the March 19th, Shanghai Composite Index and Shenzhen Composite Index rose 10.75% and 29.16% respectively, and more than 90% stocks rose. Small and medium capitalization stocks rose more than big blue chips, the SME board index rose 35.02%, the gem index rose 48.39%, the Shanghai and Shenzhen 300 index rose 8.66%, the Shanghai composite index 180 increased 5.99%, and the Shanghai Composite Index rose 1.89%. New industries such as information services, sports and entertainment industries are among the top industries, and traditional industries such as finance, mining and real estate are rising.

Look at the deal. From the beginning of March 19th to the March 19th, the average daily turnover of Shanghai and Shenzhen stock markets was 644 billion 600 million yuan, and the market activity remained at a relatively high level. Among them, natural person investors account for about 90% of the total transaction volume. From the beginning of March 19th to the March 19th, natural investors bought a net A share of 470 billion 100 million yuan, and all kinds of professional institutional investors bought 78 billion 200 million yuan, while the general legal entity sold 548 billion 300 million yuan. From the perspective of Shanghai Stock Exchange, investors accumulated a net purchase of 43 billion 900 million yuan between the beginning of March 19th and the beginning of the year.

From the perspective of investor participation. From the beginning of March 19th to the beginning of March 19th, the average number of newly opened stock accounts for investors was 109 thousand. Especially in the two weeks from March 9th to March 19th, the average number of newly opened stock accounts for investors was 177 thousand, compared with the average level of newly opened 129 thousand households in December last year. From the beginning of March 19th to the week of March 19th, Zhou participated in 19 million 706 thousand and 100 A share trading accounts, accounting for 13.83% of the total effective accounts, representing a decrease of 22 million 377 thousand and 500 and 16.16% in December. As of March 13th, the number of investors in margin trading credit account was 6 million 300 thousand, an increase of 430 thousand compared to the end of last year.

From the perspective of stock market funds. On the one hand, the net inflow of bank card transfer funds is large. From the beginning of March 13th to the March 13th, the net inflow of the securities company's customer transaction settlement and the bank card transfer account amounted to 1 trillion and 180 billion yuan, with a daily average net inflow of $26 billion 300 million. On the other hand, margin trading is developing smoothly. From the beginning of March 16th to the beginning of March 16th, the daily average financing amount of investors was about 16% of the average daily turnover of Shanghai and Shenzhen stock, which was the same as that of last December. As of March 16th, margin amounted to 1 trillion and 290 billion yuan, an increase of 260 billion yuan compared with the end of last year.

From stock valuation. As of March 19th, the average static P / E ratio of all A shares in Shanghai and Shenzhen two times was 25 times, of which the motherboard price earnings ratio was 21 times, the SME board was 64 times, and the gem was 96 times. The average price earnings ratio of the Shanghai Composite Index and the Shanghai and Shenzhen 300 index were 12 times and 16 times, respectively, 16 times that of the Dow, 20 times of the FTSE 100 times, 18 times of the German DAX30 index, 20 times of the Paris CAC40 index of France, and roughly 50 times the value of the 21 index of the Nikkei 225 index. The P / E ratios of the financial sector, mining industry and real estate industry are 11 times, 17 times and 22 times respectively. About 700 stocks in Shanghai and Shenzhen two cities have a P / E ratio of more than 100 times.

　 Research launched Shenzhen-Hongkong Stock Connect

Deng Ge said that in the past two years, the SFC has maintained positive exchanges and communication with the relevant international index companies. The parties have incorporated A shares into the international index to attract more international investors to participate in the reform and development of China's capital market.

Recently, the securities and Futures Commission has conducted face-to-face exchanges with MSCI, FTSE two index companies and some international institutional investors to further deepen mutual understanding and fully communicate the rules and technologies involved in the A share index, and achieved good results.

Next, the SFC will further improve the system of qualified foreign investors (QFII) with the relevant departments, optimize the Shanghai and Hong Kong links, study the launch of Shenzhen Hong Kong Tong, actively resolve the technical details related to the entry and index of international institutional investors, provide more convenience for international investors to invest in A stock market. At the same time, they will continue to actively communicate with international institutions and promote A shares into the international benchmark index.

　　 Deng Ge It also said that the SFC encouraged securities companies to develop Internet + securities business, and encouraged securities companies to carry out business cooperation with their three party organizations, such as Internet companies and information technology system developers, combined with their own situations and development strategies. At the same time, they also attached great importance to the compliance and information security problems of securities companies in exploring the business innovation process with the help of the Internet. At present, there are some third party organizations that do not have the business qualification to carry out securities brokerage, investment consulting business and retain investors' trading information by docking with the securities company's online trading system. Such behavior does not conform to the relevant provisions of the SFC and the stock exchange concerning business qualification management, transaction entrustment and information security. There is a certain hidden danger of risks. The SFC and the self regulatory organization have paid close attention to and guided the regulation in time. Recently, the Securities Association's revised technical guidelines for online securities information systems of securities companies will help standardize the business cooperation between securities companies and the third party institutions, create a good market order, effectively protect the legitimate rights and interests of investors, and better promote the healthy development of Internet certificate business.

　　 Special inspection work enters Spot check stage

Deng Ge said that in February, the State Council issued the decision of the State Council on cancelling and adjusting a number of administrative examination and approval items. [National Development [2015] 11], which abolished the administrative licensing examination and approval project of "new transaction variety approval of stock exchanges". The project is based on the thirteenth regulation of the stock exchange management, that is, "the new securities trading variety on the stock exchange should be submitted to the CSRC for approval". Therefore, the abolition of the new stock transactions on the stock exchange has been examined and approved.

Deng Ge said that stock exchanges should abide by the relevant laws and regulations such as the securities law and the regulations on the management of futures trading, as well as the administrative measures for the management of stock options transactions issued by the securities and Futures Commission. According to the above provisions, the stock options listed on the stock exchange shall be approved by the SFC.

Deng Ge said that the thirteenth regulation of futures trading regulation stipulates that "futures exchanges should be approved by the futures regulatory agency of the State Council," including "listing, suspension, cancellation or resumption of trading varieties" and "listing, modification or termination of contracts". The 11 issue of CFA only cancelled the examination and approval of the listing, modification or termination of futures contracts by the SFC. In our view, it is still the responsibility of the SFC to examine the "listing, suspension, cancellation or resumption of trading varieties" in accordance with the law in accordance with the law.

Deng Ge said that in accordance with the unified plan of the State Council, since January, the SFC has carried out "two strengthening and two containment" special inspections in the securities and futures industry. At present, the self inspection stage of securities and futures institutions, private placement institutions and securities qualification accounting firms has been completed. The special inspection work has entered the spot check phase. The sample includes securities companies, fund companies, Futures Company, securities investment consulting institutions, private placement institutions and securities qualified accounting firms.